Economics

Question	Answer
economy	The wealth and resources of a country or region
globalization	connection of different parts of the world by the economy
outsourcing	When corporations move factories and jobs to poorer countries so they can pay lower wages,
import	to bring products INTO the country
export	to send product OUT of the country
GDP	measure the total value of the goods and services that a country produces each year is called _____________
monopoly	When 1 business controls an entire industry without competition
2 countries with highest GDP	United States and China
example of services in an economy	health care, dentist, landscaper, barber, nail salon, dog walker, call center
unemployment rate	The percentage of labor that does not have a job
entrepreneur	Individuals who start a new business or bring a product to the market
tariff	extra money or tax placed on an import to make people buy a different product produced at home
quota	limit on the amount of one particular good that is imported
competition	there is more than 1 company that makes a product effect: it lowers cost
demand	more people want a product high demand: price increase low demand price: decreases
supply	amount of a product high supply: price decreases low supply: price increase
opportunity cost	what you give up in order to receive something
taxes	Payments people are required to pay to local, state and national governments are called
sales tax	A tax that you buy when you buy a product is called
excise tax	A tax imposed on a specific good or activity such as cigarettes, alcoholic beverages, and gasoline
social security	Income for people that are retired, have a disability or child who have lost a parent
labor	factor of production deals with workers
capital	factors of productions is the equipment, buildings, machinery, and tools used in production. The money to keep a business running
land	factors of production that deals with natural resources
communist	type of economy where government owns all and makes decisions
market	economy where goods and services offered by private companies
mixed	economy where both government and business are involved
command economy	Government makes all decisions and owns everything
market economy	goods and services offered by private companies.
mixed economy	Both government and business are involved

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	Created by James Ward about 1 year ago